Pound plummets amid raft of biggest tax cuts

THE pound plummeted after Chancellor Kwasi Kwarteng announced the biggest raft of tax cuts for half a century, in a "gamble" to raise falling living standards by boosting growth.

Using more than £70 billion of increased borrowing, Mr Kwarteng yesterday set out a package which included abolishing the top rate of income tax for the highest earners.

He cut stamp duty for homebuyers and brought forward a cut to the basic rate of income tax, to 19p in the pound, a year early - to April - as part of tax cuts costing up to £45 billion annually.